Chicago ranks No. 5 in most valuable US markets

Chicago has the fifth most-valuable housing market in the country at $821.3 billion, according to a new report from Zillow and Bloomberg. Its value grew 5.8 percent from 2016.

The only markets more valuable than Chicago are Los Angeles at $2.7 trillion, New York at $2.6 trillion, Washington, D.C. at $996.7 billion, and Miami at $864.2 billion. The country’s total housing market in 2017 is worth $31.8 trillion, an increase of 6.5 percent, or $1.95 trillion, last year and the fastest growth since 2013, according to Bloomberg.

Meanwhile, the country’s top 10 most valuable markets are worth $11.3 trillion — 36 percent of the country’s total housing market. Columbus, Ohio, had the most growth, increasing 15.1 percent from last year to $152.3 billion this year.

Zillow noted that the U.S. market’s value is 1.5 times more than the U.S. gross domestic product and nearly three times as much as China’s.